Herbal Medicine Market Overview
Herbal medicine market is projected to reach USD 136024.26 Million at a CAGR of 5.88% during the forecast period, predicted by Market Research Future (MRFR). The global Herbal medicine market has witnessed massive growth over recent years. The market’s growth is being driven by the rising demand for herbal medicines among the growing population, growing awareness regarding the benefits of herbal medicines, and cost-effectiveness. However, poor standardization of herbal medicines is projected to restrict the market’s growth. Nevertheless, rising research investments and funding in herbal medicines are likely to offer lucrative opportunities over the forecasted era.
Herbal Medicine Market Competitive Analysis
The global Herbal medicine market has an intensely competitive landscape with many players spread worldwide. The rising applications of medicinal plants are likely to provide numerous opportunities for market expansion, thereby increasing the number of new entrants in the market. The growing investments in R&D activities in the market are likely to enhance the intensity of the competition across the global market. The list of leading players in the global Herbal medicine market includes Dr. Willmar Schwabe India Pvt. Ltd., Blackmores, Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, Bayer AG, Himalaya Global Holdings Ltd, Arizona Natural Products, Venus Pharma GmbH, Schaper & Brümmer, BEOVITA, Arkopharma, and several others.
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The global market for herbal medicines is studied across five major regions, including North America, South America, Europe, Asia-pacific, and the Middle East & Africa.
The European region is likely to lead the Herbal medicine market globally over the forecasted era. The regional market’s growth is being driven by the increasing investment in the market, growing R&D for herbal medicines, and the increasing occurrence of chronic illness among the growing population.
The North American regional Herbal medicine market is likely to secure the second position globally over the review timeframe. The growing cases of chronic illness are driving the regional market’s growth among the increasing populace.
The Asia-Pacific region is projected to record the fastest growth rate over the review era. The regional market’s growth is attributed to the growing awareness regarding the benefits of herbal medicines.
The global market for herbal medicines has been divided into several segments based on distribution channel, source, form, type of medicinal plant, and region.
The global market is split into e-commerce and hospital & retail pharmacies based on the distribution channel.
By category, the Herbal medicine market is split into herbal dietary supplements, herbal beauty products, herbal functional foods, and herbal pharmaceuticals.
The Herbal medicine market is divided into fruits, whole plants, root & barks, and leaves based on the source.
The market is bifurcated into syrups, tablets & capsules, powders, and extracts based on form.
The global market is divided into allium sativum, Cocos Nucifera, aloe vera, camellia Sinensis, echinacea, marrubium Vulgare by the type of medicinal plants Cinnamomum Spp, zingiber officinale, Actaea racemose, Curcuma longa, and Vaccinium macrocarpon.
a pharmaceutical producer and distributor in China, Universe Pharmaceuticals INC, announced at the beginning of the month that it has signed a strategic cooperation agreement and combined ancillary agreements with Kitanihon Pharmaceutical Co., Ltd., a Japanese firm involved in the research, development, manufacturing, and distribution of Kampo in medical and pharmaceutical products. The motive of the agreements is to deal with the growing market demands for high-end traditional Chinese medicine (“TCM”) and Kampo medicine.
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The UAE’s first herbal medicine manufacturing, with Globalpharma authorizing the latest line for anti-inflammatory treatment in Dubai. The medicine has a blend of herbs such as costus and myrrh, utilized to treat and prevent several kinds of infections varying from respiratory, diabetic, headaches, skin infections, and Indigestion conditions. The medicine has received approvals from the Ministry of Health & Prevention (MOHAP).
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